ED arrests VMC Systems’ MD Hima Bindu in Rs 1,700 crore bank fraud case

An ED official said that it has arrested Bindu under the Prevention of Money Laundering Act (PMLA).

New Delhi: The Enforcement Directorate (ED) has arrested telecom equipment manufacturer VMC Systems Ltd`s Managing Director Vuppalapati Hima Bindu in a bank fraud case involving hundreds of crore of rupees. An ED official said that it has arrested Bindu under the Prevention of Money Laundering Act (PMLA). The ED case of money laundering is based on the FIR registered by CBI against the Hyderabad-based company and its directors over an alleged bank fraud case to the tune of Rs 1,700 crore, on the complaint of the Punjab National Bank (PNB) in 2018.